Hi Everyone,
Seeing how yesterday and today have the markets down quite a bit I thought it would be a good time to send everyone a note.
First off, breathe. As I said in my last update, we were going to see volatility in the market due to the change over in fiscal policy from the Biden Administration to the Trump Administration.
Second, turn off the Main-Stream Media as their job is to sell advertising. We don’t live in the time of Walter Cronkite where factual news is what we receive from the 5:00 news. What you hear is “Collapse”…”Crushing Drop”…..”Plunging Market”…”Run for the Hills”…..”Worst two days since Christ was a Corporal”….etc. etc.
Negative headlines spread fear and dismay, and that grabs viewers attention. Don’t let it grab yours, they are not financial experts.
Third, you’ve heard me say this time and time again, it is not “timing the market” it is “time IN THE MARKET”.
What Does this mean? This means that if you have a long term plan (which all of you do) you don’t change that plan because there were two bad days in a row. Remember what happened a few weeks back when some of you called and were concerned that the Trump Tariffs would take your portfolio to zero? What happened a few days later?
Your portfolio went right back up.
Fourth, most of the analysts I listen to believe, as I do, that a fair amount of these tariffs are simply a way to bargain with these countries to make our trade deals more balanced.
Fifth, for those of you who wake up in the middle of the night with night-sweats because Elon Musk is running ruff shot through the Government….the longest he can stay as a SGE (Special Governmental Employee) is 130 days which puts the end-date around the first of May, and he has said that he will not stay even that long as he has companies to run.
Sixth, you have me. If you need time to review your portfolio and pick my brain about things, that is why I am here.
Read more about my financial service company.
Turn off the news, enjoy this weekend (hopeful it doesn’t rain but it doesn’t look good), and tomorrow is another day. Once again, thank you for the trust that you place in me to lead you through these turbulent times, I do not take it lightly.
Gary Smith
1DJIA 125-Best & Worst-www.spglobal.com 5/13/22
2 Gary’s opinion based on readings, podcasts, education, and experience gained over the last 31 years.
These are the opinions of WealthSmith Financial Planning, LLC and Gary Smith, and not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member Finra/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and WealthSmith Financial Planning LLC are not affiliated.